President Bola Tinubu has signed the N29.7 trillion 2024 appropriation bill into law at the Aso Rock Presidential Villa, Abuja, on Monday, January 1, 2024.
President Tinubu signed the budget document earlier approved by the National Assembly hours after he arrived in Abuja from Lagos where he spent the past week on holidays.
Politics Nigeria reports that the 2024 budget is N1.2 trillion higher than what he proposed to a joint session of the National Assembly on November 29, 2023.
The President had pegged the budget deficit for the 2024 fiscal year at N9.18 trillion
“The N9.18 trillion deficit is lower than the N13.78 trillion deficit recorded in 2023 which represents 6.11 per cent of GDP,” Tinubu had said.
“The deficit will be financed by new borrowings totalling N7.83 trillion, N298.49 billion from Privatisation Proceeds and N1.05 trillion drawdown on multilateral and bilateral loans secured for specific development projects.”
He also emphasized the need to maintain the January-December implementation cycle saying: “Our goal is to ensure that the Appropriation Act comes into effect on January 1, 2024,”
On Friday, December 29, 2023, the Senate increased the 2024 budget by N1.2 trillion, moving the budget from N27.5 trillion to N28.7 trillion.
According to the report submitted by the Appropriation Committee led by Senator Solomon Adeola, aggregate expenditure was pegged at N28,777,404.073.861; statutory transfers at N1,742,786,788,150; recurrent expenditure at N8,768.5330,852; capital expenditure at N9,995,143,298,028 and GDP at 3.88 per cent.
